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Ask the Experts: Pambos Kartoudes
Cyprus Taxation Expert
Cyprus Taxation Expert
Pambos Kartoudes is a Director of Fiducenter (Cyprus) Ltd
He holds a BSc in Business Administration in Accounting and Finance from The Ohio State University (USA). He is a Chartered Accountant, member of the Institute of Chartered Accountants in England and Wales (ICAEW) and of the Institute of Certified Public Accountants of Cyprus (ICPAC).
Pambos began his professional career in 2002 with PwC Limassol and worked for five years as a member of the Audit & Assurance Department. In 2007 Pambos left PwC and worked for Russian Commercial Bank Limited for two years at the positions of Deputy Financial Controller and Internal Auditor.
He joined Fiducenter (Cyprus) Limited in September 2009 as head of the Accounting and Internal Administration Departments and in December 2009 was appointed as a Director of the company.
+357 25 50 40 00
Hi Pambos, I want to import handcrafted finished goods from brazil and semi finished goods, to then sell in europe. Can i do this with an offshore company in cyprus? or has to be in an inshore? And what are import taxes like from brazil to cyprus? and export taxes from cyprus to other european countries and the uae and usa? Thank you. Christina Question from christina santana on 06/11/2017
Thank you for your enquiry.
As it is really difficult to answer all your questions from this medium, I would propose to discuss this over the phone. Besides, a further examination will be required before we can advise on the import/export taxes to apply. To this respect, I would be grateful if you could provide me with a number on which I can contact you. Please feel free to contact me on email@example.com.
There are additional issues that need to be addressed concerning the set-up of a commercial company such as the need to adopt the necessary substance in order to avoid any tax or other disputes by authorities of the different countries involved.
I look forward to hearing from you.
Hi This is Navid Zomorrodi. I have a company as name Camberland Trading FZE located in Dubai-UAE. I live in Canada but as I mention my business is in Dubai. I am a broker and my company purchase legal product from all over the world and sells those products to other countries (Except sanction countries). In addition, the cargo shipped from origin places to the beneficiaries location. After a few years doing business in Dubai, since most of my clients are in Europe, I would like to relocate my business to Europe. I found Jersey or Cyprus perfect places to start but I need some help to accomplish this goal. 1- Please tell me witch form of companies is suitable for me to register since I do not want to have an office in Jersey . 2- How can I register a company and open an banking account with that. ( I have 20-30 wire transfers per day) 3-How long the process is going to take and how much does it cost. My monthly transaction in NBD bank is about 2 million dollars. (For your reference and for assurance, I can send you my dollar account statement). I look forward to your reply. Thanks And Regards Question from Navid Zomorrodi on 27/10/2016
Thank you very much for your message.
Cyprus is indeed an attractive jurisdiction for companies with trading/commercial operations. The geographical position of the country combined with its business-friendly time-zone, the first grade infrastructure, the low Corporation Tax rate - part of the efficient and supportive tax regime - are just a few of the factors, which have led to the rise in the attractiveness of Cyprus for commercial operations. In addition, Cyprus has a network of over 50 DTTs currently in force (with most major countries). Furthermore, through its EU membership, Cyprus offers access to the EU Directives and all related EU freedoms, such as those of establishment and movement of capital.
An important matter that you need to consider is that commercial companies are more demanding, compared to other structures such as holding and royalty, in terms of quantity and extent of resources required for carrying out their operations. They need to have adequate substance in their structure which will also help in putting the tax residency of a company beyond any doubt or dispute.
Can you please advise whether you are considering the option of adopting the necessary substance or you are more interested in the set-up of an empty shell company? Moreover, what is approximately the number of invoices issued / received on a monthly basis and what are the products that your company transacts primarily?
I would be happy to provide you with a more detailed answer as well as a quotation for setting up and running a Cyprus company upon clarification of the above points.
With regards to the option of setting-up a Jersey company, we can also assist you since we have associates that can provide us with details on all matters concerning the incorporation and administration of a company in Jersey.
You can contact me on firstname.lastname@example.org.
Dear Pambos Kartoudes, I am Tania, from Portugal (EU Citizen) and I am writing to you in order to know some info. My plan is to move to work and live in Cyprus and open a small investment in Larnaca. The idea is to open a simple store to sell shoes, slippers and sport clothes. For that I would like to be you client to have your support to get the documents and all papers I will need to start from this ordinary shop. Could you please let me know all the fees, cost and all information to be able to begin as soon as I can? Another important detail is that I would like to get the acquaintance if I will have rights to bring workers from abroad, from a country out Europe, for eg. Egypt. In case I have partners from Egypt and my percentage would be 51%, what would be the situation for them to have visa to stay and live in Cyprus. Thanks in Advance, Tania Question from Tania Teles on 04/05/2016
My colleague, George Savvides, has already replied to your request.
We look forward to receiving your feedback.